The Qualified Business Income (QBI) Deduction – Part 1
The Tax Cuts and Jobs Act lowered the corporate income tax from a maximum rate of 35% to a flat rate of 21% beginning in 2018.
Yearly Archives: 2018
Tax Cuts & Jobs Act Provides Favorable Tax Accounting Changes
The Tax Cuts & Jobs Act (TCJA) incorporates four tax accounting changes that are noteworthy.
Medicare Update and Scam Alert
Starting 4/1/18, Medicare will start a yearlong project to replace all current Medicare cards for beneficiaries to convert to alphanumeric ID numbers.
Tax Cuts & Jobs Act Doubles The Estate Tax Exclusion
They (Congress) wanted to repeal the “death tax.” They (Congress) told us they were going to repeal the “death tax.” So what happened?
Tax Cuts and Jobs Act: Alimony Repeal
The recent changes to the tax code resulting from the Tax Cuts and Jobs Act uniquely effects each individual filing an income tax return.
IRS Released Helpful Tools – Paycheck Calculator
As a result of the Tax Cuts and Jobs Act, the IRS has released an IRS Withholding Calculator to help individuals determine if they are on target with their federal withholding.
Understanding the Qualified Business Income (QBI) Deduction
Posted by : Jordon Rosen, CPA, MST, AEP® The centerpiece of the Tax Cuts & Jobs Act (the “Act”) was the reduction in the top corporate income tax rate from 35% to 21%. This includes personal service corporations which were previously taxed at a flat rate of 35%. However, since many U.S. businesses operate as a flow-through entity (i.e., partnership or … Continued
Pennsylvania Tax Law Change That Might Impact Your Business
Posted By Dave Jennings, CPA and Valerie Middlebrooks CPA We are writing to make you aware of a significant change in Pennsylvania tax law that may impact your business. The changes made are for 2018 Form 1099s which will be filed in 2019. First, if you meet one of the parameters below, you are now required to withhold at the … Continued
Tax Cuts and Jobs Act: Itemized Deductions
The new tax law resulted in several changes to deductions individuals can take on their personal income tax returns. When planning for the 2018 tax year it is important to be aware of these changes and how they will impact each individual filing an income tax return.
Tax Cuts and Jobs Act: Suspended Deductions
The Tax Cuts and Jobs Act changed and suspended many deductions that taxpayers could take on their individual tax returns.